Recent Posts

Gold and silver changed course and slightly
declined on Wednesday. Their decline coincided with the drop of
leading currencies against USD such as Euro and Aussie dollar.
The U.S retail sales report, which was published
yesterday, showed retail sales rose last month by the highest
rate in months. This means the economic activity in the US grew.
This news may have partly contributed to the moderate decline in
precious metals. Will gold and silver continue to fall? On
today's agenda: ECB Monthly Bulletin, LIBOR Rate of Swiss
National Bank, EU Economic Summit, U.S. Jobless Claims, and U.S.
Producer Price Index.

On Wednesday, the price of gold slipped by 0.57% to $1,588.4;
Silver also decreased by 0.72% to $28.93. During March, gold rose
by 0.68%; silver increased by 1.9%.

The linear correlation of the two precious metal daily percent
changes remains strong and robust, as indicated in the chart
below. During March the linear correlation of their daily percent
changes rose from February's correlation, which means the two
metals' relation has tighten in recent weeks.

On Today's Agenda

U.S. Producer Price
Index: In the previous report regarding January, this
index for finished goods inched up by 0.2% compared with
December's rate but rose by 1.4% in the past 12 months; this news
might affect the direction of precious metals rates;

U.S. Jobless
Claims: in the latest report the jobless claims slightly declined by 7k
to reach 347k; this upcoming weekly report may affect the
direction of U.S dollar and consequently commodities and stocks
markets;

EU Economic
Summit: In this summit, the EU ministers of finance will present a
plan for budget austerity. They will convene in Brussels. In this
summit the EU ministers are likely to go over the issue of how
the ECB should oversight the EU banks.